Did you know that over 16% of Brits think travel insurance is unnecessary? It is actually extremely important to make sure your baggage and medical treatment is covered when you are abroad. We have compiled a list of Top 5 ways that you can save on your travel insurance so that you can have more spending money in your back pocket on your trip.
Good morning and welcome to yet another edition of MyTravelMoneyTV. My name is Sofia Kluge and today we’re going to discuss the top 5 ways to save on your travel insurance.
Well, inspiration for this video comes from Winsor Dobbin, who recently wrote on twitter:
Winsor Dobbin @winsordobbin 20 Nov
Reading yet another story about somone hurt overseas but without travel insurance. People are such fools. #travel
Thanks Winsor! It’s amazing only 1 in 5 Brits don’t buy travel insurance. Are you one of them? If so, I hope you find this useful in understanding a little more about the travel insurance process.
Think what you need covered? Then Comparison Shop
First and foremost, have a long think of all the items you will be taking abroad. From Ray Ban sunglasses to your next generation Apple Mac, make a list. Don’t be tempted by dirt cheap travel insurance offers of £8 for one week, only to realise it gives a miniscule £100 excess and an even lower single item claim limit.
As a general rule of thumb, consider travel insurance policies that protect you for up to £2 million worth of medical expenses, £3000 for belongings & £1500 for baggage.
Being frugal is great, but it certainly pays to be prudent when it comes to your travel insurance cover.
EHIC Cover
Are you travelling to the continent? If so, it’s well worth flying away with a FREE (yes – 100% free!) European Health Insurance Card (EHIC). This gives you access to healthcare provided by the state of your host country. At times, this is provided absolutely free of charge and others at a heavily reduced cost. Check the country you are visiting. The cards are valid for up to 5 years and you can check it out at ehic.org.uk or ring 0845 606 2030. Alternatively, nip into your local Post Office to collect an application form.
Be aware, to complete the application you will need to supply: National Insurance number, full name & date of birth, amongst other personal details.
Pre-Existing Medical Conditions
If you have a pre-existing medical condition, it puts you at a greater risk of experiencing some health issues while you are abroad. Unfortunately, you will be forced to pay a premium for insurance cover. Disclose as much as possible to your travel insurance provider & look for a provider who covers your specific medical condition. If you fail to declare your condition, your claim may often be rejected. Insurance companies will always be able to access your medical records, and they certainly will do so!
Don’t buy from travel agent OR tour operator OR airline
Don’t be bullied by your travel agent! Shop around, save money & get better cover. Brits waste an astonishing £250 million via overpriced travel insurance. Make sure you are not one of them.
Travel agents often don’t go into detail, often aren’t trained and in no way offer the best route to the best price on travel insurance. The devil is in the detail – stick to comparison shopping for the best travel insurance policy.
Annual cover if you’re a frequent flyer
Are you flying once, twice or twenty times over the course of the next year? If you are expatriating abroad or assigned on international business, it makes sense to take out an annual policy. For a one-time summer vacation, there is no need. Think about this at the start of the year.
Bank accounts can often come with travel insurance as part of your current account package. Make sure this provides you with adequate cover!
I hope that was useful guide to saving on travel insurance! Be sure to follow us on Twitter @MyTravelMoneyUK for all the latest travel news, hints and tips.
Thank you for watching and goodbye,
Written by Sofia Kluge on Google+
